Europe Amaranth Market is Predicted to Witness 10.8% CAGR till 2028

The Europe amaranth market size was valued at USD 2,197.4 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 10.8% from 2021 to 2028

The Europe Amaranth Market size is expected to reach USD 4.98 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.8% over the forecast period. The growth is attributed to the high demand for amaranth products as it contains lysine, twice as much protein compared to wheat, thrice as much protein compared to maize, and an equal amount of protein found in milk. In addition, amaranth contains an abundant amount of provitamin-A, which is an essential vitamin required for eye health in the tropics, which is expected to augment the market growth.

The growing vegan population owing to increased awareness regarding environmental protection in the European region is expected to boost demand for plant-based nutrition. It will also increase product penetration in food and beverage applications. In 2020, countries like Italy, the Netherlands, and Germany had a vegetarian population of approximately 5%, 8.9%, and 10% of the total population, respectively.

In the Europe healthcare industry, amaranth is used in clinical nutrition, food supplements, and pharmaceutical products. The demand for amaranth in the pharmaceutical industry is anticipated to be driven by its functional properties, such as gluten-free and lactose intolerance compatible, which are beneficial for adults, children, as well as high-performance athletes.

The COVID-19 pandemic has adversely affected the European region as several countries including the U.K., Italy Spain, France, and Germany witnessed a high number of infections in the year 2020. Even though small-scale exports of amaranth products took place internally among European countries, the consumption was impacted in the same year, as the region is highly dependent on the imports of amaranth from Central and South America, North America, and the Asia Pacific regions.

The outbreak disrupted the import flow in the region, leading to a slight decline in the demand from the application industries. The sales and manufacturing of non-essential products, such as cosmetics and personal care products, were majorly impacted by the lockdown, which led to a decline in the demand for amaranth from the cosmetics manufacturers in 2020.

Related Press Release@ Europe Amaranth Market Report

Europe Amaranth Market Report Highlights

• The conventional category segment dominated the overall market with a revenue share of over 88% in 2020
• The conventional category segment is projected to expand at a steady CAGR over the forecast period owing to the low cost of conventional products as a result of higher usage of chemical fertilizers and pesticides during the cultivation of the crop
• The oil product segment accounted for 49.2% of the total revenue share in 2020 owing to high prices of oil form of the product as compared to other forms like flour, leaf, and seed
• The oil segment is expected to witness the fastest CAGR of 11.0% from 2021 to 2028 on account of high demand from food & beverage manufacturers
• Food & Beverages was the largest application segment in 2020 with a revenue share of 59.4% owing to high product usage in the manufacturing of bakery items like cookies, bread, pastries, muffins, doughnuts, etc. to increase their nutritional value
• The personal care application segment is expected to grow at the fastest CAGR of more than 11% from 2021 to 2028 owing to the high demand for natural ingredient-based products
• To gain an economical advantage, manufacturers need to have an immediate local supply of raw materials, which creates a challenge for the industry owing to low levels of production